(1)The Council shall pay to the credit of the account of a subscriber interest at such rate as may from time to time, fix with the approval of the Examiner of Local Fund Accounts, on the amount at his credit in the fund.(2)Interest shall be credited with effect from the 31st March of each year in the following manner :(i)on the amount at the credit of a subscriber on the 31st March of the preceding year, less any sums withdrawn during the current year interest for 12 month;(ii)on sums withdrawn during the current year interest from the 1st April of the current year upto the last date of the month preceding the month of withdrawal;(iii)on all sums credited to the subscriber's accounts after the 31st March of the preceding year interest from the date of deposit up to the 31st March of the current year; and(iv)if the total amount of interest contains a fraction of a rupee it shall be rounded to the nearest whole rupee (eight annas counting as the next higher rupee).(3)For the purposes of this rule the date of deposit shall in the case of recoveries from emoluments be deemed to be the first day of the month in which they are recovered and in the case of amounts forwarded by the subscriber, shall be deemed to be the first day of the month of receipt if they are received by the Executive Officer before the fifth day of the month or if they are received on or after the fifth day of that month the first day of the next succeeding month.(4)In addition to any amount to be paid under Rule 459, interest thereon upto the end of the month preceding that in which payment is made or upto the end of the, six month after the month in which such amount become payable whichever of these periods be less, shall be payable to the person to whom such amounts is to be paid.(5)When the amount standing to the credit of a subscriber has been transferred to the Council from another local authority under Rule 455, interest shall be credited by the Council to the account to the subscriber on the amount so transferred from the date subsequent to that for which interest has been credited by the local authority from which the subscriber was transferred.
